Gold rose more than 1 percent in value on Thursday amid an increase in U.S. tariffs on China, despite a 90-day reprieve for other countries.

The world's largest economies have exchanged a series of reciprocal tariff measures over the past week. Gold, which traditionally serves as a hedge against economic uncertainty and inflation, rose more than 18% in 2025. The main drivers of the rise were Trump's tariff measures, expectations of rate cuts by the US Federal Reserve and geopolitical tensions. Gold found support as it approached the $2940 mark, which we wrote about earlier. Now quotes are facing resistance in the range of $3100-3165, however, given the trend, an update of the historical price maximum cannot be ruled out.